#CongressTradingBan

$4.6M Liquidity Withdrawal Raises Concerns for TRUMP Meme Coin Ahead of $320M Unlock

Arincen - The development team behind the TRUMP meme coin raised concerns among traders after withdrawing $4.6 million of the coin's liquidity, just before the unlocking of 40 million tokens worth a total of $320 million.

According to an analysis by LookOnChain, the withdrawn amount was transferred to the Ethereum network and then deposited into Coinbase (NASDAQ:COIN) Prime, a platform for institutional investors. This move has led some to speculate about the possibility of a "rug pull," a term used to describe a sudden and unexplained withdrawal from the project.

In light of these developments, the coin's value fell by 2.72% over the past 24 hours, reaching $7.87, a significant drop from its all-time high of $73.43. However, the coin remains 83% above its previous low.

The liquidity withdrawal coincided with the approaching token unlock on April 17, raising concerns about its impact on the project's stability investor confidence.